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Mike Ashley has flatly denied that he insulted the Dubai royal family, the Islamic faith and Kevin Keegan in "regrettable" remarks in a bar, after the High Court heard evidence in a dispute with a former “trusted friend” over an investment in a French golf course.

The Sports Direct tycoon, who last week ousted the chairman of Debenhams as part of his campaign of conquest on the high street, is embroiled in a multimillion-pound row with Tony Jimenez, a businessman previously in charge of player transfers for Newcastle United.

Mr Ashley, owner of the Premier League club, has issued a claim against Mr Jimenez over a 2008 deal concerning Les Bordes, a golf course in the Loire Valley, rated as one...